Transfer of Deposit From TDS to DPS but AST the Same
Hi Adrian, we have a landlord with a block of 7 flats we have been managing for several years, which they now want to self-manage as a cost-saving.
However, the deposits are currently in our Client account, protected with the TDS & we want to transfer them to the landlord's DPS account, but the landlord doesn't want new ASTs (all periodic).
We have served an S48 and will provide new DPS Prescribed info and send the funds off to the DPS.
Is that all we need to do, or have we missed something?
Many thanks in advance.
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Deposits and Tenancy Deposit Schemes
Many landlords take a deposit from tenants to hold for the duration of the tenancy. When the tenant moves out, this is returned to the tenant less any deductions permitted: typically for damage (above fair wear and tear), additional cleaning, and cover any outstanding rent. Note: deposits can only be withheld if stipulated what the deposit is being held against in the contract.